An Overview Of Evaluating Multiple Offers On Maine Homes For Sale

Considering more than one offer can be a complex undertaking for sellers. The tendency is to focus on strictly offer price, but that might lead to issues. There are a variety of different facets to an offer that one should evaluate in order to identify which offer to accept. This blog includes an overview of evaluating multiple offers on Maine homes for sale

An Overview Of Evaluating Multiple Offers On Maine Homes For Sale

Mortgage Pre-Approvals

There is a big difference between a pre-qualification and a pre-approval, especially when evaluating two offers. A pre-approval is typically issued once a loan officer confirms the credit history of a buyer. There is no level of credit check for pre-qualifications. Pre-approved borrowers are, naturally, better positioned to get final approval for a mortgage. Sellers will lose valuable time when the other party is unable to obtain a loan and must therefore back out of the transaction. Due to this risk, sellers will not only want a pre-approved home buyer but should further read the details of pre-approval letters. The mortgage program is important since certain types of loans have strict guidelines on the borrower and home, or tend to take significant time to secure.

Contingencies

It is standard for contingencies such as an inspection to be included in an offer. Buyers might also include additional rare contingencies, such as a a condition for the sale of a current home. More contingencies reflect higher risk of the transaction falling apart. Certain contingencies are more troublesome than others and might depend on the activity in the real estate market.

Escrow

Earnest money reflect the good faith of a buyer. It also covers a seller from the buyer terminating a purchase for an unexpected reason. Lastly, the amount of deposits may indicate a buyer's position. For the above reasons, higher deposits can make an offer more secure.

More Factors to Review

Sellers should avoid making price the only factor in evaluating more than one offer, particularly if closing on-time is a goal. Postponements can be costly and thus can impact the net earnings. Additionally, a listing that is re-listed after an offer falls through will likely sell for less due to loss of time. An experienced real estate professional will help you carefully consider all the specifics of offers and accurately compare them. This article with an overview of evaluating multiple offers on Maine homes for sale was shared by Mini Major at Bean Group.

About Mini Major

Mini views the purchase or sale of a home as a major life transition that usually evokes a wide array of challenges and emotions She brings her strong analytical, communication, and mediation skills to that process. For buyers, she helps to assess realistic goals and maps out a facilitation strategy that is uniquely designed to meet their individual styles with limited stress. For sellers, she provides honest, factual information necessary to set the right price and, together with the extraordinary resources of the Bean Group, provides state-of-the art marketing materials to present that property with appeal to the most appropriate potential buyers.

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